Dr. Friday Tax Tips Dr. Friday Tax & Financial Firm

In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, reminds listeners that Tax Day 2023 has arrived. She emphasizes the importance of making final contributions to IRAs and HSAs for the 2023 tax year, as well as submitting estimated payments for 2024 and any remaining balance for 2023 taxes. Dr. Friday warns that failing to make these payments on time may result in penalties. She also invites listeners to tune in to her live call-in show every Saturday afternoon from 2 to 3pm on 99.7 WTN.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
That’s right. We survived guys. We made it. 2023 taxes have been put to bed or an extension has been filed. So again, if you have any money in the savings account and you think you owe money to the IRS, now would be the day. Today. You need to make your IRA contribution if you haven’t done it for the year of 2023. HSA, if you have a health savings account, you can make that final payment today. Estimated payments for 2024 are due today. Your payment for 2023 final payment is due today. Make it or don’t complain when penalties hit.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.

As the tax deadline approaches, Dr. Friday urges listeners who haven’t filed their taxes to submit Form 4868 and pay their estimated tax liability to avoid penalties. By filing an extension, taxpayers gain until October to complete the necessary paperwork. Additionally, Dr. Friday reminds listeners to review and adjust their W-4 forms, especially if they have children turning 18 or are going through a divorce, to ensure accurate withholding throughout the year.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
It’s Friday. It’s almost tax day, guys. You only have till Monday. It’s going to be a very long and busy weekend. If you haven’t filed your taxes yet, I suggest filing a 4868, paying whatever you think you’re gonna owe, file the extension. I know I keep pushing it, but it saves you a lot of money. Then you have until October to file the paperwork. Not pay it, but file it. Also, you need to make sure that if you haven’t done it yet, you’ve taken a look at your W-4. Maybe you need to make an adjustment. It’s time to do that. If you have children turning 18 this year, or you have divorce in the highlight, you need to make adjustments to your W-4 form.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.

Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, warns that selling personal items at a gain can trigger a 1099-K from the IRS. To properly report these sales, taxpayers must use either Form 8949 or Schedule D. The challenge lies in providing proof of the original cost of the item sold, as the IRS requires this information during audits. Without a receipt or other evidence of the purchase price, the cost basis will be considered zero, potentially leading to a higher tax liability on the sale.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
The IRS says selling personal items at a gain can cause a 1099-K for personal items sold. There is a form, actually two forms. You can form an 8949 for sale and other disposition of capital assets, or the Schedule D when selling those. The hard part of all this is if you’re selling personal items, you need to be saving the receipt of the original cost. If you don’t have it, you don’t have a deduction. If you can’t prove how much money you paid for something that you’re selling 10, 15 years later, the cost factor is zero unless you can prove otherwise. That’s what the IRS is saying when they review audits.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.

In this episode of Dr. Friday’s Tax Tips, the focus is on claiming tax deductions for small business startup expenses. Dr. Friday explains that these expenses don’t necessarily have to be incurred in the same year the business starts operating. Entrepreneurs who have been working on their business for a year or two prior to the official launch can still claim related expenses, such as educational materials and books, as tax deductions. However, it’s important to distinguish between legitimate business expenses and hobby-related costs, as the latter are not tax-deductible. Dr. Friday emphasizes the importance of not leaving any eligible tax deductions unclaimed.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Did you know that credit for a small business startup doesn’t mean you had to spend all the money in the year you’re talking about. So if you started a business but maybe you started thinking about the business two years ago and maybe you went ahead and set up some different education, you brought books, you did things, that’s all considered startup. So when you’re actually starting a business you want to be thinking about now if it’s a hobby or it’s a business that never happened and never go off the ground that’s not a tax deduction guys. Just because you made the mistake for the wrong that’s one thing but if you’ve been working a year or two to open a business that can be a tax deduction. Don’t leave any tax deductions on the table.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.

In this episode of Dr. Friday’s Tax Tips, the importance of accurately claiming dependents on tax returns is discussed. Dr. Friday cautions listeners about claiming their girlfriend’s children as dependents, even if they are providing financial support. The eligibility of dependents depends on various factors, such as the duration of their stay and the taxpayer’s role as the sole breadwinner. Making mistakes when claiming the Earned Income Credit can result in severe consequences, including being barred from collecting the credit in the future. Taxpayers are advised to exercise caution and ensure they meet all requirements before claiming dependents on their tax returns.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
I was reviewing some taxes and one thing I have noticed is sometimes people put on children that may not be legitimate deductions. So your girlfriend lives with you and even though you’re supporting the children, are they truly your dependents? That’s a really tough question and it really depends on how long they’ve stayed with you, have you the only breadwinner in the family, what is the story, just because she didn’t make any money and they put you on as head of household because she now lives with you, be very careful. If you make a mistake on earned income credit, the IRS can stop you from ever collecting earned income credit in the future.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.

In this episode of Dr. Friday’s Tax Tips, Dr. Friday addresses a common question among taxpayers who have already filed their taxes: “Where’s my refund?” She provides two convenient methods for tracking the status of your tax refund. The first option is to visit the IRS website at irs.gov and click on the “Where’s my refund?” link. Alternatively, taxpayers can download the IRS mobile app, “IRS to go,” which allows them to track their refunds, returns, and even amended returns. Dr. Friday emphasizes that these are the only reliable sources for obtaining information about potential delays or issues with your refund. If the website indicates that your return hasn’t been processed, it may suggest that the IRS hasn’t received it or that it has been flagged due to incomplete or incorrect information.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Many of you have already filed your taxes. Some of you are calling asking me, “Where’s your refund?” And there’s two ways of doing it. You can go to irs.gov, click on “Where’s my refund?” Or you can even download the app, IRS to go, and you can also track your refunds and your returns, your amended returns, all through that website. It is the only place you’re going to be able to find out if there’s been a delay. If you see that it’s not been processed, it’s probably not received unless it’s been pulled back because it doesn’t have all the correct information. But that’s where you’re going to want to check where your refund is. Again, irs.gov or download the app, IRS to go, to get the info.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3pm right here on 99.7 WTN.